TUJU Setia Bhd, a construction services provider en route to listing on the Main Market of Bursa Malaysia, has landed another “three-digit” project in its book order.
The RM143.5 mil project to construct a high-rise development owned by Glomac Bhd’s wholly owned subsidiary FDM Development Sdn Bhd in Petaling Jaya, Selangor was clinched by the company’s wholly-owned subsidiary Pembinaan Tuju Setia Sdn Bhd (PTS).
PTS will undertake the job as the main contractor to for 121 Residences. The high-rise development comprises two tower blocks of 28-storey SoHo and serviced apartments, related facilities and a multi-storey carpark.
The contract will be for a 26-month duration with construction works to commence on May 2021. The project is expected to contribute positively towards the future earnings of Tuju Setia.
Recall that on April 6, the company mooted an initial public offering (IPO) exercise which entails a public issue of 80 million new shares and offer for sale of 27 million existing shares.
“This project not only adds to our current order book, but also broadens our portfolio breadth of high-rise buildings done by us,” commented Tuju Setia’s managing director Wee Eng Kong.
“Also, this will be a new client for Tuju Setia, an indication as much of our quality reputation as our capability to deliver projects on time.”
Since commencement in 2006, PTS has completed RM2.2 bil worth of high-rise building projects of up to 51 storeys, consisting of both non-residential and residential development.
Apart from Glomac, PTS’ clientele includes reputable property developers, corporations and the public sector such as S P Setia Bhd, GuocoLand (M) Bhd, Bandar Raya Developments Bhd, UEM Sunrise Bhd, Symphony Life Bhd and the Malaysian Public Works Department.
Tuju Setia’s ongoing non-residential projects include the Mutiara Central Office Suites (Cheras), Kajang Women and Children Hospital, Phase 2 of Riana Dutamas (Segambut), and The Pulse Residence (Bandar Puteri Puchong); while its ongoing residential projects are PPAM Sofiya Residensi (Desa ParkCity), Phase 3 & 4 of Emerald Hills (Cheras) and TUAI Residence (Setia Alam).
Barring unforeseen circumstances, Tuju Setia is slated to list on the Main Market of Bursa Malaysia in 2Q 2021. – April 19, 2021
